Dorian Finney-Smith (Dallas Mavericks) with an alley oop vs the New York Knicks, 04/16/2021
Dorian Finney-Smith (Dallas Mavericks) with an alley oop vs the New York Knicks, 04/16/2021
Ahmedabad (Gujarat) [India], May 12 (ANI): Hospitals in Ahmedabad are seeing less rush of COVID-19 patients, a doctor at a city hospital said here and noted that the admission process has also got faster for patients.
Latest fallout from botched reshuffle and weekend showdown with Angela Rayner.
Safilo is turning the page on the negative impact of the COVID-19 lockdown and the loss of major licenses.
Alcoa Corporation announced today that Roy C. Harvey, President and Chief Executive Officer, and William F. Oplinger, Executive Vice President and Chief Financial Officer, will participate in a question and answer session at the Bank of America Securities Global Metals, Mining & Steel Virtual Conference on Wednesday, May 19, 2021.
Today, Jabil Inc. (NYSE: JBL), announced it is scheduled to present at the J.P. Morgan 49th Annual Global Technology, Media and Communications Conference on Tuesday, May 25, 2021, at 8:45 a.m. EST.
Motorola Solutions, Inc. (NYSE: MSI) today announced that it has issued a notice to redeem all of the remaining $324,029,000 outstanding of its 3.500% senior notes due March 1, 2023 (CUSIP No. 620076BC2) (the "Notes"). In accordance with the terms of the indenture under which the Notes were issued, the Notes will be redeemed in full on June 10, 2021 (the "Redemption Date") at a Redemption Price (as defined below), with respect to the Notes, equal to the greater of: (a) 100% of the aggregate principal amount of the Notes being redeemed on the Redemption Date or (b) the sum of the present values of the Remaining Scheduled Payments of principal and interest on the Notes (not including any portion of any payments of interest accrued as of the Redemption Date), discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 0.30% (30 basis points), as determined by the Independent Investment Banker, plus, in the case of both (a) and (b) above, accrued and unpaid interest on the Notes being redeemed to, but not including, the Redemption Date (the "Redemption Price"). The Redemption Price will be determined at 5:00 pm Eastern Daylight Time, on June 7, 2021.
Arcus Biosciences, Inc. (NYSE:RCUS), an oncology-focused biopharmaceutical company working to create best-in-class cancer therapies, today announced that the Compensation Committee of the Company’s Board of Directors granted eight new employees options to purchase a total of 126,000 shares of the Company’s common stock at an exercise price per share of $28.86, which was the closing price on May 10, 2021. The stock options were granted pursuant to the Company’s 2020 Inducement Plan, which was approved by the Company’s Board of Directors in January 2020 pursuant to the "inducement exception" under NYSE Listed Company Manual Rule 303A.08.
MONACO, May 11, 2021 (GLOBE NEWSWIRE) -- Eneti Inc. (NYSE: NETI) (“Eneti” or the “Company”) announced today that it entered into a binding agreement for the construction of one Wind Turbine Installation Vessel (“WTIV” or the “Vessel”). In addition, the Company announced that it is in advanced discussions with American shipbuilders for the construction of a Jones Act-Compliant WTIV. Newbuilding Contract The Company has entered into a binding agreement with Daewoo Shipbuilding and Marine Engineering for the construction of one WTIV. The contract price is $330 million and the Vessel will be delivered in early Q3, 2024. In addition, the Company holds an option to construct an additional Vessel at the same price, net of currency adjustments. The Vessel is an NG-16000X design by GustoMSC (a subsidiary of National Oilwell Varco – NYSE:NOV), and includes a 2,600 Ton Leg Encircling Crane from Huisman Equipment B.V. of the Netherlands. The Vessel is capable of installing up to 20 Megawatt turbines at depths of up to 65 meters of water, and it can be adapted to operate on the alternate fuels of LNG or Ammonia. Jones Act Initiative Separately, the Company announced it is in advanced discussions with several American shipbuilders for the construction of a Wind Turbine Installation Vessel. This vessel would be constructed, financed, and operated by American citizens in compliance with the Jones Act, in order to address the heightened demand for transportation and installation capacity on the Continental Shelf of the United States. Emanuele A Lauro, Chairman and Chief Executive Officer, commented “Since last August, we have been unequivocal about our intention to enter the Wind Turbine Installation sector. This contract with Daewoo is a milestone for the Company, as it reflects months of customer engagement and collaboration with partners, both old and new. This Vessel will have the advanced lifting capabilities and energy efficiency that offshore wind developers require, not just today but well into the next decade. In addition, we are laying the groundwork for a Jones-Act compliant WTIV to address the American mandate for offshore wind development. The growing calls for a safe, efficient, American-constructed and American-operated asset have been clear and loud. We are intent on providing a state-of-the-art solution to our customers so that they can comply with the Jones Act as they bring renewable energy to the U.S. consumer.” Conference Call A conference call to discuss the Company’s newbuild contract will be held at 1:00 PM Eastern Daylight Time / 7:00 PM Central European Summer Time on May 13, 2021. Those wishing to listen to the call should dial 1 (866) 219-5268 (U.S.) or 1 (703) 736-7424 (International) at least 10 minutes prior to the start of the call to ensure connection. The conference participant passcode is 3164396. The information provided on the teleconference is only accurate at the time of the conference call, and the Company will take no responsibility for providing updated information. There will also be a simultaneous live webcast over the internet, through the Eneti Inc. website www.eneti-inc.com. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. Webcast URL: https://edge.media-server.com/mmc/p/nfedgg4r About Eneti Inc. Eneti Inc. is focused on marine-based renewable energy and has invested in the next generation of wind turbine installation vessels (“WTIV”s). Additional information about the Company is available on the Company’s website www.eneti-inc.com, which is not a part of this press release. Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. We undertake no obligation, and specifically decline any obligation, except as required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and asset values, changes in demand for Wind Turbine Installation Vessel (“WTIV”) capacity, the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for WTIVs and the installation of offshore windfarms thereof, changes in our operating expenses, including fuel costs, drydocking and insurance costs, the market for our WTIVs, availability of financing and refinancing, counterparty performance, ability to obtain financing and the availability of capital resources (including for capital expenditures) and comply with covenants in such financing arrangements, planned capital expenditures, our ability to successfully identify, consummate, integrate and realize the expected benefits from acquisitions and changes to our business strategy, fluctuations in the value of our investments, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. CONTACT: Contact: Eneti Inc. +377-9798-5715 (Monaco) +1-646-432-1675 (New York)
Paysign, Inc. Reports First-Quarter 2021 Financial Results
Wandera extends Jamf’s mobile security and access capabilities with Zero Trust Network Access, threat defense and data policy enforcementMINNEAPOLIS, May 11, 2021 (GLOBE NEWSWIRE) -- Jamf (NASDAQ: JAMF), the standard in Apple Enterprise Management, today announced it signed a definitive agreement to acquire Wandera, a leader in zero trust cloud security and access for mobile devices. As an Apple-first provider of unified cloud security, Wandera expands Jamf’s security offering for the enterprise. Building on Jamf’s existing capabilities, Wandera adds Zero Trust Network Access (ZTNA), mobile threat defense and data policy features to ensure mobile workers can simply and safely access the network resources they need while complying with organizational policies and reducing mobile charges. This acquisition uniquely positions Jamf to help IT and security teams confidently protect the devices, data and applications used by a mobile workforce, while extending the intended Apple experience through the most robust and scalable Apple Enterprise Management platform in the market. “In order to lead Apple Enterprise Management and best serve the growing number of organizations using Apple at work, Jamf needs to fill the gap between what users want and what the enterprise requires,” said Dean Hager, CEO, Jamf. “The combination of Wandera and Jamf will provide our customers a single source platform that handles deployment, Application Lifecycle Management, policies, filtering, and security capabilities across all Apple devices while delivering Zero Trust Network Access for all mobile workers.” The consumerization of IT and strong demand for Apple continues to proliferate Apple devices in the enterprise. According to IDC's 2020 U.S. enterprise survey, the average penetration of macOS devices is around 23%, compared with 17% in 2019. Additionally, iPhone devices account for 49% of the smartphone installed base among enterprises, while iPad devices make up the majority of tablets used in business. As a result of this growth, Apple devices are now a bigger target for security threats. Additionally, according to Gartner’s Market Guide for ZNTA, “recent movements to largely remote workforces have accelerated the adoption of ZTNA to address hardware and bandwidth limitations of traditional Virtual Private Network (VPN) access.” In the report, Gartner predicts that by 2023, 60% of enterprises will phase out their VPNs in favor of a ZTNA solution. “Jamf and Wandera are able to take advantage of the immense market opportunity to shape the future of the zero trust cloud. We are thrilled to be joining forces with the leader in Apple Enterprise Management,” said Eldar Tuvey, CEO and co-founder, Wandera. “We founded Wandera to make security simple in a zero trust world. By combining with Jamf, we can offer our customers a truly integrated access and security platform, with exceptional ease of use, speed, scalability and reliability. Together, we accelerate our customers’ ability to seamlessly and securely keep their employees connected, no matter where they are.” Under the terms of the definitive agreement, Jamf will acquire Wandera for total consideration of $400 million, subject to customary adjustments as set forth in the merger agreement. The total consideration consists of an initial payment of $350 million at close and deferred consideration of $50 million to be paid in $25 million increments on October 1, 2021 and December 15, 2021. The transaction is expected to close during the third quarter of fiscal year 2021, subject to the satisfaction of customary closing conditions, including required U.S. regulatory approvals. Until close, the companies will continue to operate independently. Jamf currently intends to finance the acquisition with a combination of cash on hand and debt financing. For more information on the acquisition, please see the accompanying pdf. Jamf will be discussing the acquisition along with its financial results for the first quarter of fiscal year 2021 on its previously scheduled earnings conference call and webcast scheduled for 3:30 p.m. Central Time (4:30 p.m. Eastern Time) on May 11, 2021. Parties in the United States and Canada can access the call by dialing +1 (833) 519-1319, and international parties can access the call by dialing +1 (914) 800-3885. The webcast will be accessible on Jamf’s investor relations website at https://ir.jamf.com. About JamfJamf, the standard in Apple Enterprise Management, extends the legendary Apple experience people love to businesses, schools, and government organizations through its software and the world’s largest online community of IT admins focused exclusively on Apple, Jamf Nation. To learn more, visit: www.jamf.com. Forward-Looking StatementsThis press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and market positioning. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, statements about the potential benefits of the acquisition, product developments and other possible or assumed business strategies, potential growth opportunities, the potential customers that the combined companies can serve, potential new products, the potential value creation as a result of combined offerings and potential market opportunities. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: the ability of Jamf and Wandera to close the announced transaction; the ability of Jamf to realize the potential benefits of the acquisition of Wandera; the possibility that the closing of the transaction may be delayed; other risks related to Jam’s integration of Wandera’s business, team, and technology; the impact on our operations and financial condition from the effects of the current COVID-19 pandemic; the potential impact of customer dissatisfaction with Apple or other negative events affecting Apple services and devices, and failure of enterprises to adopt Apple products; the potentially adverse impact of changes in features and functionality by Apple on our engineering focus or product development efforts; changes in our continued relationship with Apple; the fact that we are not party to any exclusive agreements or arrangements with Apple; our reliance, in part, on channel partners for the sale and distribution of our products; the impact of reputational harm if users perceive our products as the cause of device failure; our ability to successfully develop new products or materially enhance current products through our research and development efforts; our ability to continue to attract new customers; our ability to retain our current customers; our ability to sell additional functionality to our current customers; our ability to meet service-level commitments under our subscription agreements; our ability to correctly estimate market opportunity and forecast market growth; risks associated with failing to continue our recent growth rates; our dependence on one of our products for a substantial portion of our revenue; our ability to scale our business and manage our expenses; our ability to change our pricing models, if necessary to compete successfully; the impact of delays or outages of our cloud services from any disruptions, capacity limitations or interferences of third-party data centers that host our cloud services, including Amazon Web Services; our ability to maintain, enhance and protect our brand; our ability to maintain our corporate culture; the ability of Jamf Nation to thrive and grow as we expand our business; the potential impact of inaccurate, incomplete or misleading content that is posted on Jamf Nation; our ability to offer high-quality support; risks and uncertainties associated with potential acquisitions and divestitures, including, but not limited to, disruptions to ongoing operations; diversions of management from day-to-day responsibilities; adverse impacts on our financial condition; failure of an acquired business to further our strategy; uncertainty of synergies; personnel issues; resulting lawsuits and issues unidentified in diligence processes; our ability to predict and respond to rapidly evolving technological trends and our customers' changing needs; our ability to compete with existing and new companies; the impact of adverse general and industry-specific economic and market conditions; the impact of reductions in IT spending; our ability to attract and retain highly qualified personnel; risks associated with competitive challenges faced by our customers; the impact of our often long and unpredictable sales cycle; our ability to develop and expand our marketing and sales capabilities; the risks associated with sales to new and existing enterprise customers; the risks associated with free trials and other inbound, lead-generation sales strategies; the risks associated with indemnity provisions in our contracts; our management team’s limited experience managing a public company; the impact of any catastrophic events; the impact of global economic conditions; risks associated with cyber-security events; the impact of real or perceived errors, failures or bugs in our products; the impact of interruptions or performance problems associated with our technology or infrastructure; the impact of general disruptions to data transmission; risks associated with stringent and changing privacy laws, regulations and standards, and information security policies and contractual obligations related to data privacy and security; the risks associated with intellectual property infringement claims; our reliance on third-party software and intellectual property licenses; our ability to protect our intellectual property and proprietary rights; and the risks associated with our use of open source software in our products. Additional information concerning these and other factors can be found in the company's filings with the Securities and Exchange Commission. Given these factors, as well as other variables that may affect Jamf’s operating results, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, or use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release and on the related teleconference call relate only to events as of the date hereof. Jamf undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. Media Contact:Jordyn DiOrio | firstname.lastname@example.orgInvestor Contact:Jennifer Gaumond | email@example.com
Company Revises Its 2021 Annual Dividend Forecast Upwards to a Range of $3.00 per Share to $3.30 per ShareBOCA RATON, Fla., May 11, 2021 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (“Newtek” or the “Company”) (Nasdaq: NEWT), an internally managed business development company (“BDC”), announced today its financial and operating results for the three months ended March 31, 2021. First Quarter 2021 Financial Highlights Net investment income of $15.2 million, or $0.68 per share, for the three months ended March 31, 2021; a $0.69 per share increase compared to net investment loss of $(0.3) million, or $(0.01) per share, for the three months ended March 31, 2020.Adjusted net investment income (“ANII”)1 of $23.5 million, or $1.05 per share, for the three months ended March 31, 2021; an increase of 400.0%, on a per share basis, compared to ANII of $4.3 million, or $0.21 per share, for the three months ended March 31, 2020.Total investment income of $34.7 million for the three months ended March 31, 2021; an increase of 119.5% over total investment income of $15.8 million for the three months ended March 31, 2020.Debt-to-equity ratio of 1.27x at March 31, 2021; proforma debt-to-equity ratio was 1.23x after taking into account the sales of government-guaranteed portions of SBA 7(a) loans prior to March 31, 2021, which sales settled subsequent to the balance sheet date.Total investment portfolio increased by 9.6% to $726.1 million at March 31, 2021, from $662.4 million at March 31, 2020.Net asset value (“NAV”) of $366.9 million, or $16.28 per share, at March 31, 2021; an increase of 5.4%, on a per share basis, compared to NAV of $15.45 per share at December 31, 2020.The Company closed on a $115 million public offering of 5.50% Notes due 2026, which trade on the Nasdaq Global Market under the symbol "NEWTZ."Newtek Business Lending, LLC (“NBL”), Newtek’s wholly owned portfolio company that originates and funds SBA 504 loans, closed a $100 million credit facility with Deutsche Bank AG. Subsequent First Quarter 2021 Highlights In April 2021, the Company signed a joint-venture agreement with a leading U.S.-based middle-market investment firm with over $1.0 billion is assets under management. The intended purpose of the joint venture is to originate commercial loans to middle-market companies as well as small businesses.The Company is currently negotiating an additional joint-venture agreement with a global investment management firm with over $500 billion in assets under management. 2021 Dividend Payments & Forecast The Company paid a first quarter 2021 cash dividend of $0.50 per share on March 31, 2021 to shareholders of record as of March 22, 2021.The Company's board of directors declared a second quarter 2021 cash dividend of $0.70 per share2 payable on June 30, 2021 to shareholders of record as of June 15, 2021.The second quarter 2021 dividend represent a 25% increase over the second quarter 2020 dividend of $0.56 per share, and a 52.2% increase over the second quarter 2019 dividend of $0.46 per share.With the payment of the second quarter 2021 dividend, the Company will have paid $1.20 per share in dividends for the first and second quarters of 2021, which would represent a 20% increase over dividends paid for the first and second quarters of 2020.The Company revised its 2021 annual dividend forecast upwards to a range of $3.00 per share to $3.30 per share2; an increase from the previous range of $2.40 per share to $2.90 per share. The midpoint of the 2021 annual dividend forecast range would represent a 53.7% increase over the 2020 annual dividend. Lending Highlights Newtek Small Business Finance, LLC (“NSBF”) funded $424.9 million of Paycheck Protection Program ("PPP") loans, totaling approximately 6,255 loan units, for the three months ended March 31, 2021.Year-to-date (through May 11, 2021), NSBF funded a total of $593.6 million PPP loans, totaling approximately 12,600 units.NSBF funded $104.4 million of SBA 7(a) loans during the three months ended March 31, 2021; compared to $52.8 million of SBA 7(a) loans funded for the three months ended March 31, 2020, and $97.8 million of SBA 7(a) loans funded for the three months ended March 31, 2019.NSBF forecasts full year 2021 SBA 7(a) loan fundings between $580 million to $600 million.NBL funded and/or closed $20.7 million SBA 504 loans during the three months ended March 31, 2021.NBL funded and/or closed $31.3 million SBA 504 loans during the month of April 2021.NBL forecasts closing and/or funding approximately $125.0 million SBA 504 loans for the full year 2021. For the three months ended March 31, 2021, the Company reported net investment income of $15.2 million, or $0.68 per share, a $0.69 per share increase, compared to net investment loss of $(0.3) million, or $(0.01) per share, for the same period in 2020. The significant increase in net investment income was primarily due to the income earned by NSBF from funding $424.9 million of PPP loans during the three months ended March 31, 2021.3 For the three months ended March 31, 2021, the Company reported ANII of $23.5 million, or $1.05 per share, a 400.0% increase, on a per share basis, compared to ANII of $4.3 million, or $0.21 per share, for the same period in 2020. The significant increase in ANII for the three months ended March 31, 2021 compared to the same period in 2020, was due to the funding of PPP loans as well as the funding of SBA 7(a) loans, which was disrupted during the first quarter of 2020. In addition, due to stability in loan sale pricing on the guaranteed portions of SBA 7(a) loans in the first quarter of 2021, the Company made the decision to hold approximately $40.3 million in guaranteed portions of SBA 7(a) loans on its balance sheet as of March 31, 2021 in order to have the opportunity to earn additional interest income during the second quarter 2021. Barry Sloane, Chairman, President and Chief Executive Officer said, “We are more than pleased to announce a significant upward revision to our 2021 annual dividend forecast, and to report strong first quarter 2021 financial results. We increased our 2021 annual dividend forecast to a range of $3.00 per share to $3.30 per share, from $2.40 per share to $2.90 per share. The midpoint of the 2021 annual dividend forecast range would represent a 53.7% increase over the 2020 annual dividend. In addition, today, the Company declared a second quarter 2021 dividend of $0.70 per share, which represents a 25% increase over the second quarter 2020 dividend of $0.56 per share, and a 52.2% increase over the second quarter 2019 dividend of $0.46 per share. We endeavor to continue to pay our distributions in the form of dividends out of taxable income, as we have done over the past six years since our conversion to a BDC. We also realized record ANII in the first quarter of 2021, which represented a four-fold increase over last year’s first quarter ANII.” Mr. Sloane continued, “As we have highlighted over the past year, our strong results are highly predicated on our business model; one that we had the foresight to build over two decades ago. From inception, our "Newtek(R)" business model was built for the future and, as a result, has withstood the test of time, and easily adapted to the ever-changing climate. Furthermore, we could not have delivered these strong financial and operational metrics to our stakeholders without the passion and dedication to our economic and social goals over the past year. Last year brought us into uncharted territory, and I believe our ability as a Company to listen to clients’ needs and having a degree of foresight during these times was essential to our success in navigating this unprecedented landscape. I am most proud of how quickly and effectively our staff adapted to the 2020 and 2021 landscape. I believe the new normal is that there is no normal, and I have high expectations of how Newtek’s staff will continue to adapt to this dynamic landscape for the remainder of 2021 and beyond to effectuate our plans and realize our goals. The entire Newtek team has delivered, to our customers and our shareholders, results that can only be measured by their dogged determination to serve our customers and accomplish Newtek's goals.” Mr. Sloane further commented, “PPP revenue had a material positive impact on our earnings in 2020, and will continue to positively impact our earnings through the first half of 2021. It was a tremendous undertaking to fund approximately $1.8 billion in PPP loans in 2020 and 2021 to date, for which we credit our flexible and adaptable business model, our state-of-the art technology and our staff’s ability to provide top-notch service to our clients 24 hours a day, 7 days a week, with unprecedented volumes of inquiries. From a lending perspective, 2021 thus far is different than 2020 in that we continued to successfully serve both new and existing clients with PPP loans, funding over $420 million in PPP loans in the first quarter of 2021, while also focusing on our other lending products that we suspended during the first half of 2020. We anticipate by the end of the second quarter 2021, that we will have funded in excess of $600 million in PPP loans in 2021. That being said, over the next few weeks, we will continue to shift our resources and refocus our efforts on funding SBA 7(a) loans, SBA 504 loans, non-conforming conventional loans and secured lines of credit. In fact, in 2021, we are forecasting that NSBF will fund $580 to $600 million SBA 7(a) loans, and that NBL will close and/or fund $125 million SBA 504 loans. Furthermore, we are well poised to restart our non-conforming conventional loan business during the second quarter of 2021, having signed a new joint-venture agreement, and are currently in negotiations for an additional joint-venture partner. In addition, our portfolio companies also performed very well, and we were pleased with the performance of NBL, Newtek Merchant Solutions and Newtek Technology Solutions in the first quarter of 2021.” Mr. Sloane concluded, “We believe we have a bright long-term future, and strategic plan for success and, as such, are very optimistic about the remainder of 2021 and 2022. With the payment of the second quarter dividend of $0.70 per share, the Company will have paid $1.20 for the first half of the year. With the midpoint of the 2021 annual dividend forecast of $3.15 per share, it should be apparent that we expect the second half of 2021 dividends to outpace the first half of 2021; an annual trend the Company has historically experienced. As we move through the second quarter of 2021 and beyond, the resources we deployed to originate PPP loans will be fully utilized to originate our other lending products, as well as foster the growth of our portfolio companies' business and finance solutions product offerings. We look forward to discussing the progress in our portfolio companies, as well as addressing our business model and future expectations in greater detail on our conference call tomorrow morning at 8:30 am ET.” Investor Conference Call and Webcast A conference call to discuss first quarter 2021 results will be hosted by Barry Sloane, President, Chairman and Chief Executive Officer, and Nicholas Leger, Chief Accounting Officer, tomorrow, Wednesday, May 12, 2021 at 8:30 a.m. ET. The live conference call can be accessed by dialing (877) 303-6993 or (760) 666-3611. In addition, a live audio webcast of the call with the corresponding presentation will be available in the ‘Events & Presentations’ section of the Investor Relations portion of Newtek’s website at http://investor.newtekbusinessservices.com/events-and-presentations. A replay of the webcast with the corresponding presentation will be available on Newtek’s website shortly following the live presentation and will remain available for 90 days. 1Use of Non-GAAP Financial Measures - Newtek Business Services Corp. and Subsidiaries In evaluating its business, Newtek considers and uses ANII as a measure of its operating performance. ANII includes short-term capital gains from the sale of the guaranteed portions of SBA 7(a) loans and conventional loans, and beginning in 2016, capital gain distributions from controlled portfolio companies, which are reoccurring events. The Company defines ANII as Net investment income (loss) plus Net realized gains recognized from the sale of guaranteed portions of SBA 7(a) loan investments, less realized losses on non-affiliate investments, plus or minus loss on lease adjustment, plus the net realized gains on controlled investments, plus or minus the change in fair value of contingent consideration liabilities, plus loss on extinguishment of debt. The term ANII is not defined under U.S. generally accepted accounting principles, or U.S. GAAP, and is not a measure of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. ANII has limitations as an analytical tool and, when assessing the Company’s operating performance, investors should not consider ANII in isolation, or as a substitute for net investment income, or other consolidated income statement data prepared in accordance with U.S. GAAP. Among other things, ANII does not reflect the Company’s actual cash expenditures. Other companies may calculate similar measures differently than Newtek, limiting their usefulness as comparative tools. The Company compensates for these limitations by relying primarily on its GAAP results supplemented by ANII. 2 Note Regarding Dividend PaymentsAmount and timing of dividends, if any, remain subject to the discretion of the Company's Board of Directors. The Company's Board of Directors expects to maintain a dividend policy with the objective of making quarterly distributions in an amount that approximates 90 - 100% of the Company's annual taxable income. The determination of the tax attributes of the Company's distributions is made annually as of the end of the Company's fiscal year based upon its taxable income for the full year and distributions paid for the full year. 3 We note that income earned in connection with the PPP for the three months ended March 31, 2021, should not be viewed as recurring, as future PPP earnings would be predicated on future Congressional action. Resources used to generate PPP loans will be focused on other more traditional activities as the PPP winds down. SBA 7(a) originations produce interest income, servicing income, and capital gains income, which is treated differently, from an accounting standpoint, than income derived from the origination of PPP loans. Both the income from originating PPP loans and SBA 7(a) loans are considered qualified forms of income for a BDC. Newtek Business Services Corp., Your Business Solutions Company®, is an internally managed BDC, which along with its controlled portfolio companies, provides a wide range of business and financial solutions under the Newtek® brand to the small- and medium-sized business (“SMB”) market. Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to SMB relationships across all 50 states to help them grow their sales, control their expenses and reduce their risk. Newtek’s and its portfolio companies’ products and services include: Business Lending, SBA Lending Solutions, Electronic Payment Processing, Technology Solutions (Cloud Computing, Data Backup, Storage and Retrieval, IT Consulting), eCommerce, Accounts Receivable Financing & Inventory Financing, Insurance Solutions, Web Services, and Payroll and Benefits Solutions. Newtek® and Your Business Solutions Company®, are registered trademarks of Newtek Business Services Corp. Note Regarding Forward Looking Statements This press release contains certain forward-looking statements. Words such as “believes,” “intends,” “expects,” “projects,” “anticipates,” “forecasts,” “goal” and “future” or similar expressions are intended to identify forward-looking statements. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions, which could cause Newtek’s actual results to differ from management’s current expectations, are contained in Newtek’s filings with the Securities and Exchange Commission and available through http://www.sec.gov/. Newtek cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements. SOURCE: Newtek Business Services Corp. Investor Relations & Public RelationsContact: Jayne Cavuoto Telephone: (212) 273-8179 / firstname.lastname@example.org NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES(In Thousands, except for Per Share Data) March 31, 2021 December 31, 2020ASSETS(Unaudited) Investments, at fair value SBA unguaranteed non-affiliate investments (cost of $423,288 and $420,400, respectively; includes $302,595 and $312,649, respectively, related to securitization trusts)$412,020 $407,748 SBA guaranteed non-affiliate investments (cost of $47,118 and $16,964, respectively)52,374 17,822 Controlled investments (cost of $152,141 and $138,891, respectively)254,796 239,171 Non-control investments (cost of $6,430 and $6,447, respectively)6,957 6,447 Total investments at fair value726,147 671,188 Cash3,716 2,073 Restricted cash84,351 49,352 Broker receivable20,095 52,730 Due from related parties6,874 6,112 Servicing assets, at fair value26,733 26,061 Right of use assets6,680 6,933 Other assets28,973 26,530 Total assets$903,569 $840,979 LIABILITIES AND NET ASSETS Liabilities: Bank notes payable$57,922 $86,339 Notes due 2023 (par: $0 and $57,500 as of March 31, 2021 and December 31, 2020)— 56,505 Notes due 2024 (par: $68,250 and $63,250 as of March 31, 2021 and December 31, 2020)66,835 61,774 Notes due 2025 (par: $15,000 and $5,000 as of March 31, 2021 and December 31, 2020)14,457 4,735 Notes due 2026 (par: $115,000 and $0 as of March 31, 2021 and December 31, 2020, Note 7)111,589 — Notes payable - Securitization trusts (par: $205,281 and $221,752 as of March 31, 2021 and December 31, 2020, Note 7)202,124 218,339 Notes payable - related parties5,150 24,090 Due to related parties2,148 2,133 Lease liabilities8,401 8,697 Deferred tax liabilities12,039 11,406 Accounts payable, accrued expenses and other liabilities56,053 27,608 Total liabilities536,718 501,626 Commitment and contingencies Net assets: Preferred stock (par value $0.02 per share; authorized 1,000 shares, no shares issued and outstanding)— — Common stock (par value $0.02 per share; authorized 200,000 shares, 22,530 and 21,970 issued and outstanding, respectively)451 439 Additional paid-in capital325,254 316,629 Accumulated undistributed earnings41,146 22,285 Total net assets366,851 339,353 Total liabilities and net assets$903,569 $840,979 Net asset value per common share$16.28 $15.45 NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(In Thousands, except for Per Share Data) Three Months Ended March 31, 2021 2020Investment income From non-affiliate investments: Interest income - PPP loans$24,208 $— Interest income - SBA 7(a) loans5,949 7,322 Servicing income2,740 2,715 Other income1,114 906 Total investment income from non-affiliate investments34,011 10,943 From non-control investments: Interest income124 — Dividend income26 20 Total investment income from non-control investments150 20 From controlled investments: Interest income533 457 Dividend income— 4,382 Total investment income from controlled investments533 4,839 Total investment income34,694 15,802 Expenses: Salaries and benefits4,450 3,447 Interest5,072 5,184 Depreciation and amortization85 115 Professional fees1,188 964 Origination and loan processing2,971 1,824 Origination and loan processing - related party3,143 2,638 Change in fair value of contingent consideration liabilities— 54 Loss on extinguishment of debt955 — Other general and administrative costs1,635 1,858 Total expenses19,499 16,084 Net investment income (loss)15,195 (282)Net realized and unrealized gains (losses): Net realized gain on non-affiliate investments - SBA 7(a) loans7,393 4,513 Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments4,393 (183)Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments1,387 (4,511)Net unrealized appreciation (depreciation) on controlled investments2,375 (10,789)Change in deferred taxes(633) 2,911 Net unrealized appreciation on non-control investments527 — Net unrealized appreciation (depreciation) on servicing assets(513) 1,088 Net realized and unrealized gains (losses)$14,929 $(6,971)Net increase (decrease) in net assets resulting from operations$30,124 $(7,253)Net increase (decrease) in net assets resulting from operations per share$1.35 $(0.35)Net investment income (loss) per share$0.68 $(0.01)Dividends and distributions declared per common share$0.50 $0.44 Weighted average number of shares outstanding22,337 20,738 NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIESNON-GAAP FINANCIAL MEASURES-ADJUSTED NET INVESTMENT INCOME RECONCILIATION: Three months ended Three months ended (in thousands, except per share amounts) March 31, 2021 Per share March 31, 2020 Per shareNet investment income (loss) $15,195 $0.68 $(282) $(0.01)Net realized gain on non-affiliate investments - SBA 7(a) loans 7,393 0.33 4,513 0.22 Change in fair value of contingent consideration liabilities — — 54 0.00 Loss on debt extinguishment 955 0.04 — — Adjusted Net investment income $23,543 $1.05 $4,285 $0.21 Note: Amounts may not foot due to rounding NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIESDEBT-TO-EQUITY RATIO - ACTUAL AT MARCH 31, 2021 (in thousands): Actual Debt-to-Equity Ratio at March 31, 2021 Total senior debt $466,603 Total equity $366,851 Debt-to-equity ratio - actual 127.2% NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIESDEBT-TO-EQUITY RATIO - PROFORMA AT MARCH 31, 2021 (in thousands): Broker receivable, including premium income receivable $20,095 Less: realized gain on sale included in broker receivable (2,437) Broker receivable 17,658 90% advance rate on SBA guaranteed non-affiliate portions of loans sold, not settled $15,892 Proforma debt adjustments at March 31, 2021: Total senior debt $466,603 Proforma adjustment for broker receivable (15,892) Total proforma debt $450,711 Proforma Debt-to-Equity ratio at March 31, 2021: Total proforma debt $450,711 Total equity $366,851 Debt-to-equity ratio - proforma 122.9%
FOSTER CITY, Calif., May 11, 2021 (GLOBE NEWSWIRE) -- Vaxcyte, Inc. (Nasdaq: PCVX), a next-generation vaccine company seeking to improve global health by developing superior and novel vaccines designed to prevent or treat some of the most common and deadly infectious diseases worldwide, today announced financial results for the first quarter ended March 31, 2021 and provided a business update. “Over the past few months, we have made good progress as we advance VAX-24, our 24-valent pneumococcal conjugate vaccine (PCV), toward the anticipated submission of the Investigational New Drug (IND) application in order to generate clinical proof-of-concept data,” said Grant Pickering, Chief Executive Officer and Co-founder of Vaxcyte. “While we remain laser-focused on delivering on our VAX-24 milestones, I am also very excited by the progress made to advance our pipeline vaccines, including VAX-XP, our PCV candidate with an expanded breadth of coverage, and VAX-A1, our novel conjugate vaccine designed to provide universal protection from Group A Strep infections.” Recent Highlights Advanced VAX-24 IND-Enabling Activities: Vaxcyte continues to progress several initiatives for VAX-24 in connection with its anticipated IND application submission to the U.S. Food and Drug Administration (FDA) and ensuing Phase 1/2 clinical proof-of-concept study initiation. Among other activities, the Company made substantive progress toward completion of the final stage of production of the 24 good manufacturing practice (GMP) conjugated drug substances. Published New Research Supporting VAX-24 and Vaxcyte’s Technology Platform: Since the beginning of 2021, Vaxcyte published preclinical VAX-24 data as well as research supporting its technology platform. The papers can be accessed here: https://vaxcyte.com/posters-publications/. The paper, “Non-clinical Immunological Comparison of a Next-Generation 24-Valent Pneumococcal Conjugate Vaccine (VAX-24) Using Site-Specific Carrier Protein Conjugation to the Current Standard of Care (PCV13 and PPV23),” published in the journal Vaccine, uses a rabbit model to evaluate the immune response of Vaxcyte’s 24-valent PCV candidate compared to Prevnar13® (PCV13) and Pneumovax®23 (PPV23). In this study, all serotype conjugates (pneumococcal strains) in VAX-24 met the primary objective to elicit immune responses that were more robust compared to PPV23 and at least comparable to PCV13.The paper, “Site‑specific antigen‑adjuvant conjugation using cell‑free protein synthesis enhances antigen presentation and CD8+ T‑cell response,” was published in the journal Scientific Reports, and demonstrated an enhanced CD8 positive T-cell response by directly conjugating an adjuvant to a candidate antigen. This expansion of Vaxcyte’s site-specific technology platform has potential application in viral vaccines where an enhanced CD8 T-cell response is required. Appointed Janet Graesser, Vice President, Corporate Communications and Investor Relations: In April 2021, Vaxcyte appointed Janet Graesser as Vice President of Corporate Communications and Investor Relations. Mrs. Graesser brings to Vaxcyte over 20 years of healthcare communications experience and expertise across a variety of areas, including corporate communications and strategy, public relations and organizational communications. She dedicated 13 years of her career working at leading healthcare communications firms, ultimately serving as an Executive Vice President, delivering communications strategy and implementation to biotech, pharmaceutical and consumer health companies, including Amgen, GlaxoSmithKline (GSK), Johnson & Johnson (J&J), Pfizer and Merck. She went on to hold an operating role at J&J with responsibility for internal and external communications across seven J&J medical device companies, including Cordis. Mrs. Graesser remained in a senior leadership role with Cordis when it was acquired by Cardinal Health, ultimately serving as the Vice President of Global Communications and Strategy Implementation. Mrs. Graesser went on to establish her own consulting practice that successfully supported both large and small biotech companies. “I would also like to acknowledge the key role that Bill Newell, the Chief Executive Officer of Sutro Biopharma who will be stepping down from the board at the end of his term in June, has played in the creation of Vaxcyte,” said Mr. Pickering. “We are grateful for Bill’s quality stewardship as a director and his recognition that the cell-free protein synthesis platform could be more broadly applied, which was an instrumental catalyst in starting Vaxcyte.” Anticipated Key Milestones Vaxcyte reaffirmed its previously issued guidance for its pipeline programs. VAX-24: Vaxcyte expects to submit an IND application for VAX-24 to the FDA between January and June 2022. Vaxcyte expects to announce topline data from the ensuing Phase 1/2 clinical proof-of-concept study between late 2022 and early 2023.VAX-A1: Following the nomination of its final vaccine candidate for VAX-A1 in the first quarter of 2021, Vaxcyte plans to initiate IND-enabling studies in the second half of 2021.VAX-PG: Vaxcyte expects to nominate a final vaccine candidate for VAX-PG, its novel therapeutic vaccine designed to treat periodontal disease, in the second half of 2021. First Quarter 2021 Financial Results Cash Position: Cash, cash equivalents and investments were $370.9 million as of March 31, 2021, compared to $386.2 million as of December 31, 2020. Research & Development (R&D) Expenses: R&D expenses were $17.3 million for the three months ended March 31, 2021 as compared to $24.3 million for the same period in 2020. The decrease was due primarily to a decrease in manufacturing expenses and outsourced research services related to Vaxcyte’s VAX-24 program as a result of the completion of the eCRM™ and polysaccharide GMP campaigns in 2020, partially offset by increases in VAX-24 drug substance and drug product activities and VAX-XP activities. General & Administrative (G&A) Expenses: G&A expenses were $5.9 million for the three months ended March 31, 2021 as compared to $3.3 million for the same period in 2020. The increase was due primarily to an increase in personnel-related and directors and officers liability insurance expenses.Net Loss: Net loss was $21.2 million for the three months ended March 31, 2021 as compared to $27.1 million for the same period in 2020. About VaxcyteVaxcyte is a next-generation vaccine company seeking to improve global health by developing superior and novel vaccines designed to prevent or treat some of the most common and deadly infectious diseases worldwide. The Company’s cell-free protein synthesis platform, comprising the XpressCF™ platform, exclusively licensed from Sutro Biopharma, Inc., together with Vaxcyte’s proprietary know-how, enables the design and production of protein carriers and antigens, the critical building blocks of vaccines, in ways that the Company believes conventional vaccine technologies currently cannot. Vaxcyte’s lead vaccine candidate, VAX-24, is a preclinical, 24-valent broad-spectrum pneumococcal conjugate vaccine (PCV) being developed for the prevention of invasive pneumococcal disease. Vaxcyte’s pipeline also includes VAX-XP, a PCV with an expanded breadth of coverage of at least 30 strains; VAX-A1, a prophylactic vaccine candidate designed to prevent Group A Strep infections; and VAX-PG, a therapeutic vaccine candidate designed to slow or stop the progression of periodontal disease by targeting the keystone pathogen responsible for this chronic, oral inflammatory disease. For more information, visit www.vaxcyte.com. Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These statements are based on Vaxcyte’s current beliefs and expectations. Such statements include, but are not limited to, statements related to: the preventative benefit of Vaxcyte’s vaccine candidates; the process and timing of anticipated future development of Vaxcyte’s vaccine candidates, including the timing and submission of an IND application for VAX-24 and the initiation of the VAX-24 Phase 1/2 clinical proof-of-concept study thereafter; the timing and availability of topline data for VAX-24; the initiation of IND-enabling activities for VAX-A1; the nomination of a final vaccine candidate for VAX-PG; and other statements that are not historical fact. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on Vaxcyte’s current expectations, and actual results and timing of events could differ materially from those anticipated in such forward-looking statements as a result of risks and uncertainties, including, without limitation, risks related to Vaxcyte’s product development programs, including development timelines, success and timing of chemistry, manufacturing and controls and related manufacturing activities; Vaxcyte’s reliance on third-party manufacturers; potential delays or inability to obtain and maintain required regulatory approvals for its vaccine candidates, and the risks and uncertainties inherent with preclinical and clinical development processes; the success, cost and timing of all development activities and clinical trials; sufficiency of cash and other funding to support Vaxcyte’s development programs and other operating expenses; and the ongoing COVID-19 pandemic, which could materially and adversely affect Vaxcyte’s business and operations. These and other risks are described more fully in Vaxcyte’s filings with the Securities and Exchange Commission (SEC), including its Quarterly Report on Form 10-Q filed with the SEC on May 11, 2021 or in other documents Vaxcyte subsequently files with or furnishes to the SEC. Vaxcyte undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations. Readers should not rely upon the information in this press release as current or accurate after its publication date. Contacts:Andrew Guggenhime, President and Chief Financial OfficerVaxcyte, Inc.email@example.com Janet Graesser, Vice President, Corporate Communications and Investor Relations Vaxcyte, Inc.firstname.lastname@example.org Vaxcyte, Inc. Condensed Statements of Operations (in thousands, except share and per share amounts) Three Months Ended March 31, 2021 2020 Operating expenses: Research and development (1)$17,258 $24,315 General and administrative (1) 5,885 3,281 Total operating expenses 23,143 27,596 Loss from operations (23,143) (27,596) Other income (expense), net Interest expense — (7) Interest income 61 135 Grant income — 329 Foreign currency transaction gains (losses) 1,862 (3) Total other income (expense), net 1,923 454 Net loss$(21,220) $(27,142) Net loss per share, basic and diluted$(0.41) $(6.70) Weighted-average shares outstanding, basic and diluted 51,174,978 4,049,848 (1) Amounts include stock-based compensation expense as follows: Research and development$683 $149 General and administrative 1,182 223 Total stock-based compensation expense$1,865 $372 Vaxcyte, Inc. Summary Balance Sheet Data (in thousands) March 31, December 31, 2021 2020 Cash, cash equivalents and investments$370,873 $386,200 Total assets 382,351 392,826 Total stockholders' equity 326,937 345,843
HOUSTON, May 11, 2021 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. (NASDAQ: GIFI) (“Gulf Island” or the “Company”), a leading steel fabricator and service provider to the industrial and energy sectors, today announced results for the first quarter 2021. FIRST QUARTER 2021 SUMMARY (as compared to the first quarter 2020) Total revenue of $59.0 million, (25.0%) y/yTotal net loss of $18.6 million, including impairments and transaction costs of $23.4 millionTotal non-GAAP Adjusted Net Income of $4.8 million, excluding impairments and transaction costs of $23.4 million, (18.9%) y/yTotal non-GAAP Adjusted EBITDA of $6.9 million, excluding impairments and transaction costs, (15.3%) y/yTotal cash and short-term investments of $51.0 million as of March 31, 2021Completed sale of Shipyard Division assets and long-term construction contracts in April 2021 Consolidated revenue for the first quarter 2021 was $59.0 million, compared to $78.6 million for the first quarter 2020. Consolidated net loss for the quarter was $18.6 million versus consolidated net income of $5.9 million in the prior-year period. The Company reported Adjusted EBITDA of $6.9 million for the current quarter and break-even operating cash flow. See “Non-GAAP Measures” below for the Company's reconciliation and definition of Adjusted Net Income (Loss), EBITDA and Adjusted EBITDA. First quarter 2021 results benefited from project improvements of $7.7 million for the Shipyard Division and $0.6 million for the Fabrication & Services Division. First quarter results also included non-cash impairment charges and transaction costs of $23.4 million, resulting from the Company’s previously announced sale of its Shipyard Division assets and long-term construction contracts which was completed in April 2021 (the “Shipyard Transaction”). First quarter 2020 results benefited from project improvements of $0.9 million for the Fabrication & Services Division, as well as a gain of $10.0 million associated with the settlement of a contract dispute, offset partially by project charges of $1.2 million for the Shipyard Division. The Company’s Backlog as of March 31, 2021 was $339.6 million, with $327.3 million attributable to the Shipyard Division and $12.3 million attributable to the Fabrication & Services Division. Backlog as of March 31, 2021 included $309.5 million of Backlog related to long-term construction contracts included in the Shipyard Transaction. See “Non-GAAP Measures” below for the Company’s definition of Backlog. MANAGEMENT COMMENTARY “While our first quarter results were impacted by persistent end-market headwinds, we have begun to see improved trends in bidding activity and positive effects of key strategic actions that have been implemented during the past year,” said Richard Heo, Gulf Island’s President and Chief Executive Officer. “Recent process improvements and consolidation activities in our Fabrication & Services business resulted in another quarter of solid project execution within the segment, driving our third consecutive quarter of positive EBITDA.” “With the recent sale of our Shipyard Division assets and long-term construction contracts, we have taken another critical step toward improving our financial strength, while positioning the Company to pursue higher-margin opportunities in new growth markets,” continued Heo. “This transaction has positioned Gulf Island to become a more focused specialty fabrication company, one committed to leveraging our unique competitive advantages to pursue profitable growth. Consistent with this strategic focus, we also continue to pursue new opportunities within our services business, which will provide additional stability to our revenue base and further support our ability to hire, develop, motivate and retain our talented craft professionals.” “The Shipyard Transaction is transformational for Gulf Island, positioning us to better optimize our asset base as we build a pipeline of higher-value opportunities,” stated Westley Stockton, Gulf Island’s Chief Financial Officer. “As a result of the transaction, we have significantly improved the risk profile of the Company by divesting higher-risk contracts that represented approximately 90% of our Backlog, strengthened our liquidity position by reducing our bonding and letters of credit requirements, and lessened our quarterly working capital fluctuations. We expect the financial profile of the new Gulf Island to be more stable, with a higher-margin revenue mix and less volatility in quarterly cash flows.” “It has been a challenging stretch for Gulf Island, but we have implemented important strategic changes that have allowed us to exit this period as a much stronger company,” noted Heo. “With much of the heavy lifting behind us, we are beginning to shift our focus toward profitability and growth. We intend to capitalize on improving demand trends in our legacy end markets and are actively evaluating new opportunities in higher-growth markets, including LNG and projects supporting sustainable energy. While it is still early in the market recovery and more work remains to be done, we are confident that we have the right plan in place to drive long-term value creation for our shareholders,” concluded Heo. STRATEGY UPDATE During 2020, the Company focused on its strategic priorities of improving its financial strength and positioning the Company to pursue higher-margin growth opportunities by improving its risk profile, strengthening its liquidity position, improving resource utilization and project execution and reducing the Company’s reliance on offshore oil & gas markets. Improve risk profile – With the Shipyard Transaction, the Company divested its higher-risk, long-term construction contracts that represented 90% of its Backlog. The Backlog was generally break-even or in a loss position and extended through 2024. Strengthen liquidity – The Company implemented cost reduction efforts and sold under-utilized assets to maintain and strengthen its liquidity. The Shipyard Transaction further improved the Company’s financial position by reducing bonding and letters of credit requirements. Improve resource utilization and project execution – Through the rationalization and integration of its facilities, the Company has taken steps to improve its resource utilization and as end-markets recover, the Company should realize the benefits of these actions through improved operating leverage. The measures taken by the Company to improve project execution have enabled Fabrication & Services to achieve three consecutive quarters of positive EBITDA. Reduce reliance on offshore oil & gas markets – The Company is focused on becoming a more stable, higher-growth business by reducing its reliance on the offshore oil & gas markets. It is further evaluating opportunities in LNG and sustainable energy end markets, as well as seeking to expand its services offerings. The Company is well-positioned to capitalize on market opportunities in these sectors based on its long history of providing high-quality fabrication and services solutions to its customers. SEGMENT RESULTS Fabrication & Services Segment – Revenue for the first quarter 2021 was $19.1 million, a decrease of $14.4 million compared to the first quarter 2020. The decrease was primarily due to the division’s jacket and deck and paddlewheel river boat projects, which were completed prior to the first quarter 2021, lower revenue for its material supply project and a reduced level of small-scale fabrication and onshore services activity. This decrease was partially offset by revenue from its marine docking structures, offshore modules and subsea structures projects, all of which were awarded subsequent to the first quarter 2020. Operating income was $1.0 million for the first quarter 2021, compared to $10.2 million for the first quarter 2020. Adjusted EBITDA for the current quarter was $2.0 million, compared to $11.5 million for the first quarter 2020. First quarter 2021 results included project improvements of $0.6 million attributable to the division’s offshore modules project. Results for the quarter also reflected the impact of low revenue volume and the partial under-recovery of overhead costs due to the under-utilization of facilities and resources. First quarter 2020 results included project improvements of $0.9 million for the division’s paddlewheel riverboat and subsea components projects, as well as a gain of $10.0 million associated with the settlement of a contract dispute. Shipyard Segment – Revenue for the first quarter 2021 was $40.3 million, a decrease of $5.3 million compared to the first quarter 2020. The decrease was primarily due to lower revenue for the division’s harbor tug, research vessel and forty-vehicle ferry projects. This decrease was partially offset by higher revenue for its seventy-vehicle ferry and towing, salvage and rescue ship projects. Operating loss was $17.5 million for the first quarter 2021, compared to an operating loss of $1.9 million for the first quarter 2020. Adjusted EBITDA for the current quarter was $6.8 million, compared to a loss of $1.1 million for the first quarter 2020. First quarter 2021 results included project improvements of $7.7 million attributable to a change order for the division’s towing, salvage and rescue projects, offset partially by project charges on its seventy-vehicle ferry project. Results for the quarter also reflected non-cash impairment charges and transaction costs of $23.4 million resulting from the Shipyard Transaction, as well as the impact of a low margin Backlog and the partial under-recovery of overhead costs due to the under-utilization of facilities and resources. First quarter 2020 results included project charges of $1.2 million on the division’s two forty-vehicle ferry projects. Corporate Segment – Operating loss was $2.0 million for the first quarter 2021, compared to an operating loss of $2.3 million for the first quarter 2020, with the decrease primarily due to lower legal and advisory fees and cost savings, offset partially by higher incentive plan and insurance costs. Adjusted EBITDA for the current quarter was a loss of $1.9 million, compared to a loss of $2.3 million for the first quarter 2020. BALANCE SHEET AND LIQUIDITY The Company’s cash and short-term investments at March 31, 2021 totaled $51.0 million (including $10.3 million of restricted cash) and current and long-term debt totaled $10.0 million related to proceeds received in the second quarter 2020 in connection with the Paycheck Protection Program (“PPP”). On March 26, 2021, the Company amended its $40.0 million revolving credit facility and converted it into a letter of credit only facility with a capacity of $20.0 million, subject to cash securitization of the letters of credit, with a maturity date of June 30, 2023. At March 31, 2021, the Company had $10.3 million of outstanding letters of credit. FIRST QUARTER 2021 CONFERENCE CALL Gulf Island will hold a conference call on Tuesday, May 11, 2021 at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss the Company’s financial results. The call will be available by webcast and can be accessed on Gulf Island’s website at www.gulfisland.com. Participants may also join the call by dialing 1.866.248.8441 and requesting the “Gulf Island” conference call. A replay of the webcast will be available on the Company's website for seven days after the call. ABOUT GULF ISLAND Gulf Island is a leading fabricator of complex steel structures and modules and provider of project management, hookup, commissioning, repair, maintenance and civil construction services to the industrial and energy sectors. The Company’s customers include U.S. and, to a lesser extent, international energy producers; refining, petrochemical, LNG, industrial and power operators; and EPC companies. The Company is headquartered in Houston, Texas and its operating facilities are located in Houma, Louisiana. NON-GAAP MEASURES This Release includes certain non-GAAP measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, Adjusted Net Income (Loss), New Project Awards and Backlog. The Company believes EBITDA is a useful supplemental measure as it reflects the Company's operating results excluding the non-cash impacts of depreciation and amortization. The Company believes Adjusted EBITDA is a useful supplemental measure as it reflects the Company’s EBITDA excluding non-cash impacts of impairments and other impacts which the Company believes are non-recurring. The Company believes Adjusted Net Income (Loss) is a useful supplemental measure as it reflects the Company’s net income (loss) excluding non-cash impacts of impairments and other impacts which the Company believes are non-recurring. Reconciliations of EBITDA, Adjusted EBITDA and Adjusted Net Income (Loss) to the most comparable GAAP measure are presented under “Consolidated Results of Operations” and “Results of Operations by Segment” below. The Company believes New Project Awards and Backlog are useful supplemental measures as they represent work that the Company is contractually obligated to perform under its current contracts. New Project Awards represent the expected revenue value of contract commitments received during a given period, including scope growth on existing commitments. Backlog represents the unrecognized revenue value of New Project Awards and at March 31, 2021, was comparable to the value of remaining performance obligations for contracts as determined under GAAP. Non-GAAP measures are not intended to be replacements or alternatives to GAAP measures, and investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared in accordance with GAAP. The Company may present or calculate non-GAAP measures differently from other companies. CAUTIONARY STATEMENTS This Release contains forward-looking statements in which the Company discusses its potential future performance. Forward-looking statements, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, are all statements other than statements of historical facts, such as projections or expectations relating to diversification and entry into new end markets, improvement of risk profile, industry outlook, oil and gas prices, operating cash flows, capital expenditures, liquidity and tax rates. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be,” “potential” and any similar expressions are intended to identify those assertions as forward-looking statements. The Company cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that can cause its actual results to differ materially from those anticipated in the forward-looking statements include: the duration and scope of, and uncertainties associated with, the ongoing global pandemic caused by COVID-19 and the corresponding weakened demand for, and volatility of prices of, oil and the impact thereof on its business and the global economy; the potential forgiveness of any portion of the PPP Loan; its ability to secure new project awards, including fabrication projects for refining, petrochemical, LNG and industrial facilities and offshore wind developments; the Company’s ability to improve project execution; its inability to realize the expected financial benefits of the Shipyard Transaction; the cyclical nature of the oil and gas industry; competition; consolidation of its customers; timing and award of new contracts; reliance on significant customers; financial ability and credit worthiness of its customers; nature of its contract terms; competitive pricing and cost overruns on its projects; adjustments to previously reported profits or losses under the percentage-of-completion method; weather conditions; changes in contract estimates; suspension or termination of projects; its ability to raise additional capital; its ability to amend or obtain new debt financing or credit facilities on favorable terms; its ability to generate sufficient cash flow; its ability to sell certain assets; any future asset impairments; utilization of facilities or closure or consolidation of facilities; customer or subcontractor disputes; its ability to resolve the dispute with a customer relating to the purported terminations of contracts to build two MPSVs and the dispute with a customer related to contracts to build two seventy-vehicle ferries; operating dangers and limits on insurance coverage; barriers to entry into new lines of business; its ability to employ skilled workers; loss of key personnel; performance of subcontractors and dependence on suppliers; changes in trade policies of the U.S. and other countries; compliance with regulatory and environmental laws; lack of navigability of canals and rivers; systems and information technology interruption or failure and data security breaches; performance of partners in any future joint ventures and other strategic alliances; shareholder activism; focus on environmental, social and governance factors by institutional investors; and other factors described in Part I, Item 1A “Risk Factors” in the Company’s 2020 Annual Report and as may be further updated by subsequent filings with the SEC. Additional factors or risks that the Company currently deems immaterial, that are not presently known to the Company or that arise in the future could also cause the Company’s actual results to differ materially from its expected results. Given these uncertainties, investors are cautioned that many of the assumptions upon which the Company’s forward-looking statements are based are likely to change after the date the forward-looking statements are made, which it cannot control. Further, the Company may make changes to its business plans that could affect its results. The Company cautions investors that it undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as of the date made, for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise, and notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes. COMPANY INFORMATION Richard W. HeoWestley S. StocktonChief Executive OfficerChief Financial Officer713.714.6100713.714.6100 Consolidated Results of Operations(1) (in thousands, except per share data) Three Months Ended March 31, December 31, March 31, 2021 2020 2020 New Project Awards $27,016 $21,944 $141,566 Revenue $58,951 $57,561 $78,555 Cost of revenue 51,370 65,538 78,809 Gross profit (loss)(2) 7,581 (7,977) (254)General and administrative expense 3,127 3,320 3,744 Impairments and (gain) loss on assets held for sale(3) 23,428 4,058 - Other (income) expense, net(4) (516) 75 (9,934)Operating income (loss) (18,458) (15,430) 5,936 Interest (expense) income, net (194) (114) 53 Income (loss) before income taxes (18,652) (15,544) 5,989 Income tax (expense) benefit 11 138 (84)Net income (loss) $(18,641) $(15,406) $5,905 Per share data: Basic and diluted income (loss) per common share $(1.21) $(1.01) $0.39 Consolidated Adjusted Net Income (Loss)(5) (in thousands) Three Months Ended March 31, December 31, March 31, 2021 2020 2020 Net income (loss) $(18,641) $(15,406) $5,905 Add: Impairments and (gain) loss on assets held for sale 23,428 4,058 - Adjusted Net Income (Loss)(5) $4,787 $(11,348) $5,905 Consolidated EBITDA and Adjusted EBITDA(5) (in thousands) Three Months Ended March 31, December 31, March 31, 2021 2020 2020 Net income (loss) $(18,641) $(15,406) $5,905 Less: Income tax (expense) benefit 11 138 (84)Less: Interest (expense) income, net (194) (114) 53 Operating income (loss) (18,458) (15,430) 5,936 Add: Depreciation and lease asset amortization 1,940 2,154 2,220 EBITDA(5) (16,518) (13,276) 8,156 Add: Impairments and (gain) loss on assets held for sale 23,428 4,058 - Adjusted EBITDA(5) $6,910 $(9,218) $8,156 _________________ (1)See “Results of Operations by Segment” below for results by segment.(2)Gross profit for the Fabrication & Services Division for the three months ended March 31, 2021 and March 31, 2020, includes project improvements of $0.6 million and $0.9 million, respectively. Gross profit (loss) for the Shipyard Division for the three months ended March 31, 2021, includes project improvements of $7.7 million, and for the three months ended December 31, 2020 and March 31, 2020, includes project charges of $8.8 million and $1.2 million, respectively.(3)Impairments and (gain) loss on assets held for sale for the Shipyard Division for the three months ended March 31, 2021, includes impairment charges and transaction costs resulting from the Shipyard Transaction. Impairments and (gain) loss on assets held for sale for both the Shipyard Division and Fabrication & Services Division for the three months ended December 31, 2020, includes impairment charges attributable to assets held for sale.(4)Other (income) expense for the Fabrication & Services Division for the three months ended March 31, 2021, includes a gain of $0.4 million associated with the settlement of a property tax dispute, and for the three months ended March 31, 2020, includes a gain of $10.0 million associated with the settlement of a contract dispute.(5)Adjusted Net Income (Loss), EBITDA and Adjusted EBITDA are non-GAAP measures. Adjusted Net Income (Loss) and Adjusted EBITDA exclude impairments and (gain) loss on assets held for sale. See “Non-GAAP Measures” above for the Company's definition of Adjusted Net Income (Loss), EBITDA and Adjusted EBITDA. Results of Operations by Segment (in thousands) Three Months Ended Fabrication & Services Division March 31, December 31, March 31, 2021 2020 2020 New Project Awards $11,547 $13,608 $12,647 Revenue $19,060 $21,199 $33,443 Cost of revenue 18,018 19,861 32,473 Gross profit(1) 1,042 1,338 970 General and administrative expense 667 669 839 Impairments and (gain) loss on assets heldfor sale(2) - 2,419 - Other (income) expense, net(3) (606) 1 (10,034)Operating income (loss) $981 $(1,751) $10,165 EBITDA and Adjusted EBITDA(4) Operating income (loss) $981 $(1,751) $10,165 Add: Depreciation and lease asset amortization 1,021 1,235 1,358 EBITDA(4) 2,002 (516) 11,523 Add: Impairments and (gain) loss on assets held for sale - 2,419 - Adjusted EBITDA(4) $2,002 $1,903 $11,523 Three Months Ended Shipyard Division March 31, December 31, March 31, 2021 2020 2020 New Project Awards $15,469 $8,336 $128,919 Revenue $40,296 $37,173 $45,559 Cost of revenue 33,757 46,488 46,783 Gross profit (loss)(5) 6,539 (9,315) (1,224)General and administrative expense 471 451 575 Impairments and (gain) loss on assets heldfor sale(6) 23,428 1,639 - Other (income) expense, net 90 71 100 Operating loss $(17,450) $(11,476) $(1,899) EBITDA and Adjusted EBITDA(4) Operating loss $(17,450) $(11,476) $(1,899)Add: Depreciation and lease asset amortization 840 846 787 EBITDA(4) (16,610) (10,630) (1,112)Add: Impairments and (gain) loss on assets held for sale 23,428 1,639 - Adjusted EBITDA(4) $6,818 $(8,991) $(1,112) Three Months Ended Corporate Division March 31, December 31, March 31, 2021 2020 2020 Revenue (eliminations) $(405) $(811) $(447)Cost of revenue (405) (811) (447)Gross profit (loss) - - - General and administrative expense 1,989 2,200 2,330 Other (income) expense, net - 3 - Operating loss $(1,989) $(2,203) $(2,330) EBITDA and Adjusted EBITDA(4) Operating loss $(1,989) $(2,203) $(2,330)Add: Depreciation and lease asset amortization 79 73 75 EBITDA(4) (1,910) (2,130) (2,255)Add: Impairments and (gain) loss on assets held for sale - - - Adjusted EBITDA(4) $(1,910) $(2,130) $(2,255) _________________ (1)Gross profit for the Fabrication & Services Division for the three months ended March 31, 2021 and March 31, 2020, includes project improvements of $0.6 million and $0.9 million, respectively.(2)Impairments and (gain) loss on assets held for sale for the Fabrication & Services Division for the three months ended December 31, 2020, includes impairment charges attributable to assets held for sale.(3)Other (income) expense for the Fabrication & Services Division for the three months ended March 31, 2021, includes a gain of $0.4 million associated with the settlement of a property tax dispute, and for the three months ended March 31, 2020, includes a gain of $10.0 million associated with the settlement of a contract dispute.(4)EBITDA and Adjusted EBITDA are non-GAAP measures. Adjusted EBITDA excludes impairments and (gain) loss on assets held for sale. See ”Non-GAAP Measures” above for the Company's definition of EBTIDA and Adjusted EBITDA.(5)Gross profit (loss) for the Shipyard Division for the three months ended March 31, 2021, includes project improvements of $7.7 million, and for the three months ended December 31, 2020 and March 31, 2020, includes project charges of $8.8 million and $1.2 million, respectively.(6)Impairments and (gain) loss on assets held for sale for the Shipyard Division for the three months ended March 31, 2021, includes impairment charges and transaction costs resulting from the Shipyard Transaction, and for the three months ended December 31, 2020, includes impairment charges attributable to assets held for sale. Consolidated Balance Sheets (in thousands) March 31,2021 December 31,2020 (Unaudited) ASSETS Current assets: Cash and cash equivalents $32,653 $43,159 Restricted cash, current 9,937 — Short-term investments 8,000 7,998 Contract receivables and retainage, net 18,173 15,393 Contract assets 71,372 67,521 Prepaid expenses and other assets 2,817 2,815 Inventory 2,105 2,262 Assets held for sale 8,214 8,214 Total current assets 153,271 147,362 Property, plant and equipment, net 43,195 67,458 Restricted cash, noncurrent 406 — Other noncurrent assets 16,554 16,523 Total assets $213,426 $231,343 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $71,789 $70,114 Contract liabilities 11,812 15,129 Accrued expenses and other liabilities 9,993 7,670 Long-term debt, current 7,183 5,499 Total current liabilities 100,777 98,412 Long-term debt, noncurrent 2,817 4,501 Other noncurrent liabilities 1,898 2,068 Total liabilities 105,492 104,981 Shareholders’ equity: Preferred stock, no par value, 5,000 shares authorized, no shares issued and outstanding — — Common stock, no par value, 30,000 shares authorized, 15,517 shares issued and outstanding at March 31, 2021 and 15,359 at December 31, 2020 11,245 11,223 Additional paid-in capital 104,263 104,072 Retained earnings (accumulated deficit) (7,574) 11,067 Total shareholders’ equity 107,934 126,362 Total liabilities and shareholders’ equity $213,426 $231,343 Consolidated Cash Flows (in thousands) Three Months Ended March 31, December 31, March 31, 2021 2020 2020 Cash flows from operating activities: Net income (loss) $(18,641) $(15,406) $5,905 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and lease asset amortization 1,940 2,154 2,220 Other amortization, net 15 15 13 Asset impairments 22,750 3,310 — (Gain) loss on sale of assets held for sale, net — 156 — (Gain) loss on sale of fixed assets and other assets, net (6) 3 (5)Stock-based compensation expense 313 345 95 Changes in operating assets and liabilities: Contract receivables and retainage, net (2,779) 9,043 9,917 Contract assets (3,851) 4,839 (12,777)Prepaid expenses, inventory and other current assets 228 (69) 1,829 Accounts payable 1,756 (8,858) 9,663 Contract liabilities (3,317) (5,048) (14,700)Accrued expenses and other current liabilities 2,303 (1,771) (1,918)Noncurrent assets and liabilities, net (including long-term retainage) (353) (444) (235)Net cash provided by (used in) operating activities 358 (11,731) 7 Cash flows from investing activities: Capital expenditures (460) (1,021) (2,124)Proceeds from sale of property, plant and equipment 39 341 1,080 Purchases of short-term investments — (38,759) — Maturities of short-term investments — 50,552 — Net cash provided by (used in) investing activities (421) 11,113 (1,044)Cash flows from financing activities: Payment of financing cost — (1) (30)Tax payments for vested stock withholdings (100) — (74)Net cash used in financing activities (100) (1) (104)Net decrease in Cash and cash equivalents (163) (619) (1,141)Cash, cash equivalents and restricted cash, beginning of period 43,159 43,778 49,703 Cash, cash equivalents and restricted cash, end of period $42,996 $43,159 $48,562
MONTREAL — A Montreal suburb is backtracking on a plan to charge members of the public to reserve picnic tables in two of its most popular parks. The city of Dorval issued a notice today saying it will still move forward with a reservation system on weekends, but that it will be free and limited to residents. Dorval's city council caused a stir last month after it proposed charging $10 for residents and $25 for non-residents to reserve a picnic table for four hours. A spokesman for the city said at the time authorities were looking for a way to manage a surge in demand caused by the COVID-19 pandemic that saw some groups hogging the tables all day long. The proposal drew criticism from citizens and from a park advocacy group that worried the fee system would create a barrier for low-income people. Dorval says the reservation system will only apply in two of the busiest parks and only on weekends, and that anyone can use a table that hasn't been reserved. This report by The Canadian Press was first published May 11, 2021. The Canadian Press
Fleming and Arnott brought out "The Cleaver" as they interrogated Jack Whitehall.
BANGKOK — Stocks closed lower on Wall Street, led by banks, industrial and health care companies. Inflation remains a growing concern among investors, which would be a major drag on the overall market if it takes hold. The S&P 500 lost 0.9% Tuesday and the Dow Jones Industrial Average gave back 1.4%. Tech stocks, which get most of their valuation from the future profits those companies are expected to earn, become less valuable if inflation decreases the value of those earnings. Commodity prices have been rising, particularly for industrial metals such as copper and platinum, as well as for energy commodities like gasoline and crude oil. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. Stocks were falling broadly on Tuesday, led by banks, a wide range of retailers and big technology stocks as inflation remains a growing concern among investors. Any significant acceleration of inflation would be a drag on the overall market and could crimp the broader economic recovery. The S&P 500 index fell 0.9% as of 3:08 p.m. Eastern. The Dow Jones Industrial Average fell 490 points, or 1.4%, to 34,252 and the Nasdaq was down 0.2%. Big technology companies were among the biggest decliners for a second straight day. Oracle fell 3% and IBM fell 1.3%. Tech stocks have gotten hit in recent days as concerns about inflation impact the overall stock market. Commodity prices have risen, particularly for industrial metals such as copper and platinum, as well as for energy commodities like gasoline and crude oil. Tech stocks, which get most of their valuation from the future profits those companies are expected to earn, become less valuable if inflation decreases the value of those earnings. Inflation has been a concern for investors since bond yields spiked earlier this year, though yields have mostly stabilized since then. The yield on the 10-year Treasury was steady at 1.62%. Despite reassurances from the Federal Reserve and a much weaker-than-expected U.S. jobs reading last week, investors have refocused on the potential for surging prices to pressure central banks into tapering off on their massive stimulus and ultra-low interest rates, analysts said. The market is going through a period of “digestion” as the economy recovers and is due for some consolidation following a strong run, said Sunitha Thomas, national portfolio advisor at Northern Trust Wealth Management. Rising inflation isn't unusual given the strong economic recovery along with a surge in company earnings, she said. Rising inflation in commodities has begun to push prices for some consumer products higher. Still, analysts expect increases to be mild and tied to the growing economy, even as the jobs market lags behind. Consumer confidence and retail sales are regaining ground as people get vaccinated and businesses reopen. Signals of inflation have popped up in other markets. China reported its strongest increase in producer prices since October 2017 last month, as supply constraints cascaded into manufacturing. Meanwhile, the most recent round of corporate earnings reports showed a broad recovery touching many different sectors and industries during the the first three months of the year. Much of that was anticipated ahead of the reports and investors are now far off from the next big round of results. Damian J. Troise And Alex Veiga, The Associated Press
U.S. Attorney General Merrick Garland is expected in his testimony before Congress Wednesday morning to highlight new Department of Justice guidelines for investigations and cases related to domestic terrorism. The new guidelines, as outlined in a Justice Department memo obtained by Yahoo News, represent significant changes to how cases and investigations with a nexus to domestic violent extremism are handled by federal prosecutors around the country, and puts in place procedures for tracking those cases.
Jennifer Lopez and Alex Rodriguez announced they had ended their engagement in a joint statement on April 15
DUBLIN, Ohio (AP) _ Navidea Biopharmaceuticals Inc. (NAVB) on Tuesday reported a loss of $3 million in its first quarter. The Dublin, Ohio-based company said it had a loss of 11 cents per share. The biopharmaceutical posted revenue of $123,700 in the period. Its adjusted revenue was $124,000. In the final minutes of trading on Tuesday, the company's shares hit $1.59. A year ago, they were trading at 88 cents. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NAVB at https://www.zacks.com/ap/NAVB The Associated Press
Reps. Sharice Davids and Emanuel Cleaver say families who qualify should file their taxes by May 17 to receive payments.